Opinion request time:
Background: The kids school has a raffle each year. Tickets are $100 each. 2000 tickets are sold, bringing $100,000 to the school.
Grand prize is $50,000, with smaller prizes down to 20 $1000 prizes.
Raffle tickets cover some of the required fund raising for the school, so each year we buy some tickets.
To make it more exciting, we write the kids names on each of the tickets.
So, kind of a surprise, but P's ticket was pulled for one of the $1000 prizes.
Now, our dilemma follows: How do we handle P (who's only 12 remember) and the winnings?
A) Keep the money ourselves (the parents), since we bought the ticket anyway. (Savings account, then spend on normal expenses.)
B) Put all the money in an account for P, to be spent on "worthwhile" things
C) Give all the money to P to spend as he wishes (some veto rights reserved)
D) Some mixture of percentages for (A), (B) and (C)
E) Something else
Some suggestions so far:
1) The parents get $350, since we spent that on all the raffle tickets this year. Donation to the school gets another $100 or $200. Then P gets to pick some nice treat that we wouldn't normally do (train / river trip, Wis dells/waterpark, dinner/movie) for the remaining $500.
2) $750 goes to savings, $250 goes to P, to decide what he wants to do (veto reserved)
I'm actually quite interested in what other people suggest to do for this.
I'm not sure what we'll decide.